The Toronto Rental Industry in 2019

It is no surprise to any of Toronto’s 2.8 million
residents that Toronto has held onto its title of “Canada’s
Most Expensive City to Rent In” in 2019. What is
surprising, however, is that there has never been a better time to own a rental
property in the GTA. With a booming population and a vacancy rate of only
around 1.3%, the rental market in Toronto is hot right now.

What’s the market looking like?

There
is estimated to be about 524,645 rental households in Toronto today. For many
young people, owning a home in today’s market simply is not an option. This
means that more and more people are turning to rentals in their search for
housing. According to the Toronto Real Estate Board (TREB) the Greater Toronto Area REALTORS® reported
10,800 condominium apartment rentals in the third quarter of 2019 alone.

The
average cost of renting a one-bedroom unit in the city is currently sitting at approximately
$2,314, and despite fears that the high
rental cost would drive young people away from the city and create what was
described as a “generational ghost town”, people can’t seem to stay away.
According to, for every person within the 20-34 age range who moves away from
Toronto, seven people within that age range replace them.

Why
choose property management?

With
so many people in search of a rental unit, it may seem that landlords have
their pick of the lot when it comes to choosing a tenant, but how do you know
that a tenant is the quality you are after? You need to feel confident that the
tenants you rent to reach the highest possible standard – that is where a
property management firm like Royal York comes in. By trusting your property to
Royal York, you can ensure that you secure AAA long-term tenants, guarantee
your rent will be paid and cut out the hassle of dealing with maintenance,
cleaning, and legal issues yourself. It is a sure way to capitalize on the
market that we’ve had in 2019 and take your investments to the next level
without having to put in the additional effort.

If
you are interested in strengthening your investments and ensuring that your
properties always have the best tenants, call Royal York Property Management
today at 416-508-5288 or email [email protected]. Our expert team is ready and committed to
helping you make the most of your properties.